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HomeEquityMCB: PAT drops by 2.3% YoY in 9MCY21

MCB: PAT drops by 2.3% YoY in 9MCY21

October 28, 2021 (MLN): MCB Bank Limited (PSX: MCB) has declared its financial results for 9MCY21 ended September 30, 2021, as per which, the bank has posted its consolidated profit after tax (PAT) of Rs23 billion, translating into an EPS of Rs19.29.

The results showed a decline of 2.3% YoY when compared to the net profits of Rs23.5bn recorded in the same period of last year.

Alongside financial results, the board of directors has announced an interim cash dividend for the quarter ended September 30, 2021, at Rs4.50 per share i.e., 45%. This is in addition to the interim cash dividend already paid at Rs9.50per share i.e., 95%.

During the period under review, the bank’s interest expenses decreased by 18% YoY while, interest income came down by 15.5% YoY, thereby curtailing the growth of the bank’s net interest income (NII) to around 13.2% YoY to clock in at Rs51bn during 9MCY21 due to repricing of assets at a lower rate.

On the other hand, the NFI of the bank edged higher by 4.7% YoY to stand at Rs15.2bn due to a 14.7% increase in fee and commission income, and a 95% jump in dividend income. However, a 75% decline in capital gains has restricted NFI to grow further.

Moreover, operating expenses went up by 6.4% YoY to stand at Rs30bn in 9MCY21.

During the period, the bank witnessed provisions of nearly Rs3.5bn, compared to reversals of Rs5.2bn in 9MCY20.

Consolidated Profit and Loss Account for the nine months ended September 30, 2021 (Rupees '000)

 

Sep-21

Sep-20

% Change

Mark-up/return/interest earned

96,765,925

114,516,948

-15.5%

Mark-up/return/interest expensed

45,717,878

55,717,040

-17.9%

Net mark-up/interest income

51,048,047

58,799,908

-13.2%

Non mark-up/interest income

     

Fee and commission  income

10,086,348

8,791,768

14.7%

Dividend income

1,228,378

629,210

95.2%

Foreign exchange income

2,378,619

2,100,027

13.3%

Income/ (loss) from derivatives

8,141

(3,604)

Gain/ (loss) on securities

741,881

2,877,447

Other income

802,820

168,490

376.5%

Total non mark-up /interest income

15,246,187

14,563,338

4.7%

Total income

66,294,234

73,363,246

-9.6%

Non mark-up/interest expenses

     

Operating expenses

30,027,796

28,232,321

6.4%

Workers felfare fund

780,151

767,073

1.7%

Other charges

437,375

259,326

68.7%

Total non mark-up/interest expenses

31,245,322

29,258,720

6.8%

Share of profit of associates

690,426

518,852

33.1%

Profit before provisions

35,739,338

44,623,378

-19.9%

Provisions/(reversals) and write offs-net

(3,501,227)

5,189,574.00

Profit before taxation

39,240,565

39,433,804

-0.5%

Taxation

16,273,635

15,921,924

2.2%

Profit after taxation

22,966,930

23,511,880

-2.3%

Basic and diluted earnings per share

19.29

19.75

-2.3%

Copyright Mettis Link News

Posted on: 2021-10-28T10:57:02+05:00

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